Busayo Akanro – Light does not shine in light

Hi folks, I know you want to say “where have you been for all these months?” or ” How come you haven’t written a single article in 4 months?” I really don’t know the answer. I must admit quite honestly that even right now I don’t feel like or want to write anything.

It’s not because there aren’t things to write, it’s just because I feel quite unmotivated and unworthy to write them. Anyway, I’m writing now ain’t I? So please just bear with me and read on…this will bless you.

I once heard about the parable of the monkeys. Once upon a time (more…)

“if God judge count the iniquity of the wicked, who shall stand?”

I seat here watching and listening to intermittently the CEOs of banks in the U.S giving comprehensive account of their transactions with regards to the bailout they got from the government a while ago. I see seated all the CEOs of the big and mightly banks. The JP Morgan Chases, Goldman Sachhs of this world are ably represented as they say what and what they have done with the moneys given to them an what amount of profit or loss they have made. (more…)

Michael Faust, the CEO of HolidaysandCash, a multinational network marketing company headquatered in Nigeria is set to formerly launch the current fastest growing and most rewarding online marketing product in Nigeria ith the course of this week and next week. Michael is going to launch the product in major cities across the country namely Lagos, Abuja, Port-Harcourt and maybe a few other ones starting from Saturday, 24th January at The Coliseum in Lagos to 29th January in some other part of the country. (more…)

If wealth is lost, nothing is lost; if health is lost, something is lost; if character is lost, everything is lost……….

I heard that last week, Reuben Abati, a foremost journalist with the Guardian newspapers wrote an article of how his email account was hacked into and his friends had all received emails allegedly from him stating that he was currently in India attending a conference and his daughter who was very ill and needed to undergo a life saving operation urgently. The mail stated that he urgently needed N250,000 to balance the operation fees and that those who were willing to help should pay to a particular account with the details of the account included. (more…)

Africa has been dubbed the untouched and virgin continent. This was due to the seeming unscathing of African countries in the global meltdown that characterised the latter part of 2008. African seems to have escaped almost wholly from the economic recession that hit the world and crushed many countries and multinationals in other continents of the world. Iceland is bankrupt, auto makers in the US are bankrupt; Mega Banks in UK, Japan, Switzerland, US, Belgium, Germany and many other countries of the world would have gone under but for aid from their governments. Albeit, many banks have still being crushed in the wake of the recession.

However, Nigeria for one has been touched by the recession. Even though the Governor, Central Bank of Nigeria has kept assuring Nigerians that we are beyond the reach of the economic whiplash swinging across the globe, happenings in our own economy are pointers to the fact that his assurances hold no water. Examples are: (more…)

I am attending a meeting somewhere in Ilorin where one of my mentors, Fela Durotoye reiterated that Nigeria by 2025 will undoubtedly be the most desirable Nation to live in. As far reaching as this is, I am absolutely certain of its veracity, not only because he said God told him so but because I sense it in my innermost being. Events that will make this possible may not necessarily be progressive, they may be instantaneous. They may not necessarily be step-wise; they may well be revolutionary. While I’ll deign to bore you with what may bring or may not bring this word to pass on this great Nation, I’ll like you to consider the report released on the 16th of November, 2008 by Merrill Lynch – a foremost economic institution in the world. (more…)

This morning I heard a report on the news that the price of crude oil on the international market has dropped to below $50 per barrel. Ofcourse, this is a fall out of the recession that has been on going in the World now for several weeks. What is happening is that the order for crude oil has dropped desperately because many more countries, organisations and people around the world don’t have the extra to pay for crude oil derivatives. (gas, diesel etc.). Crude Oil price due to this situation has hit a 3yr low and could go lower. The fact that OPEC hasn’t sufficiently cut down on production to create scarcity in the market isn’t helping at all. (more…)

First City

In our opinion, The CBN postponement by one year for banks to converge their year end may offer a respite both for the banking sector directly and also the capital market as the sector constitutes above 60% of the market capitalization of the Nigerian Stock Exchange.
While the banks may heave a sigh of relief, stakeholders, especially Nigeria’s foreign partners and investors may worry about the credibility of CBN or question the decision-making process of the industry regulator, as policy somersaults have been the bane of the country both in the past and in the present times.
It can be hoped that Nigerian banks will put on their thinking caps to utilize this window of time extension to ensure an orderly convergence without doing damage to the banking sector and the economy as a whole.  We also hope that regulatory authorities and managers of the Nigerian project will be more consultative and engaging with industry operators and stakeholders in making major policy decisions that impact on the economy. (more…)